Employee Retention is a critical issue that many companies face at some point. A bad retention rate can sink a company, and a good retention rate is a big help in keeping a workforce fresh and productive. If your team is going to get productivity and business results, you need to ensure that your employees are happy and motivated to stay. To do that, your retention strategy needs to be well planned and implemented.
But how do you determine what would be the right approach for your business and your industry?
While there is no one-size-fits-all employee retention plan, there are ways to increase employee engagement and retention in practice, which can help you avoid attrition and keep your best people.
Why Is Employee Retention So Important?
Employee retention is key to the success of any organization. Not only does it keep the business profitable, but it also ensures a company can attract new talent and retain the talent it already has. Keeping your most valuable employees is about more than keeping the cash flowing; it’s also beneficial for maintaining your company’s reputation as a great place to work. Employee retention can also lead to greater employee morale and productivity. Here are some tactics that employers can use to retain their employees and avoid costly turnover.
Every company wants its employees to stay with them and contribute to the company’s success, but it’s not that simple. After all, if an employee is unhappy, why should they want to stay? So, how can leaders figure out what is missing from their company’s culture? And how can companies ensure that their culture is one that employees want to be a part of?
Start with Recruiting
We all know the horror stories. The ideal employee, the one the company has been searching for, has been hired, but after a few weeks, it becomes clear that they are not the right fit. Unfortunately, this is a common occurrence. People who are hired and kept are the ones who are committed to thriving in their position and supporting the company’s overall mission. And that’s why you should focus on trying to recruit the right people from the start.
That’s how retention begins with recruiting. While there is no doubt that hiring the right person can be a major contribution to your success, the success of an employee in the long term depends on more than just their skill set. The right employee can bring a lot to your business, but they will stick only if they are happy in their role and are treated with respect. That is why it is so important to know what you are looking for in a candidate before you make a hire.
Create an Inclusive Environment
Employees value a welcoming environment where they feel comfortable and appreciated. An inclusive workplace is one that welcomes people from all backgrounds, races, religions, cultures, and abilities. An inclusive workplace will help create a more powerful culture that reflects the company’s core values. It takes a certain amount of effort to build an inclusive workplace, but building such an environment will help keep employees happy. When employees feel included and engaged at work, they are three times more likely to stick around.
Provide Ongoing Support and Training
The notion of providing ongoing support and training to employees is one all employers should embrace. One of the best ways to retain your employees and to help them grow professionally is to have a formal system of ongoing training. This system should be part of the employment agreement and should include employee training and development, mentoring, and coaching. It is important for employees to know that their employer cares about them and for employers to be transparent and communicate to employees that they have the support needed to succeed.
Promote Work-Life Balance
To help integrate a new employee into an organization, companies are turning to practices such as work-life balance to encourage employees to spend time at home with their families and reduce the stress of workplace change. Since work can be a stressful endeavor at times, and in today’s ever-increasing competitive workplace, it’s easy to fall into the trap of feeling as though you have to be on alert 24/7.
The reality is that when you’re working, you’re working, and if you’re not doing anything outside of work, chances are it will reflect in your day-to-day productivity. Everyone needs a break every now and again, and that’s when you need to keep in mind that proper work-life balance is key to retaining top talent. Policies that help promote work-life balance include the option of working home or encouraging vacation time.
Many companies claim that perks help retain employees. So, what are perks? Perks are benefits, either in the form of money, products, or services, given to employees or customers that benefit the company or individual.
Perks are a common practice in the corporate world to offer employees perks to incentivize them to stay at the company and work hard. For example, offering free lunch or dinner, free snacks during their stay at work, or even providing their own cubicle or office area is one way to retain their services. Many companies are offering more benefits to retain their employees, including various perks such as discounted health insurance or gym memberships.
The First Step to Employee Retention
Human resources leaders are facing some of the most challenging times to meet their retention goals. The job market is tough, and many people struggle to find a job, let alone keep one. The increased focus on retention strategies has been a significant help to HR leaders, but it hasn’t been enough. Every company has a retention plan, but few follow through on them.
Fortunately, HR companies such as emergiTEL can help with the recruiting process by ensuring that only qualified candidates most fit for the position are selected, resulting in longer-term employees. Long-term employees are more productive, more loyal, and more engaged. Learn more about emergiTEL’s services here.